Kleist Comments

MORNING GRAINS 5/30/14
MORNING GRAINS 5/30/14

Corn:
Exports: None Visible.
Comments: Weekly export sales 621,300t up 22% and just a bit better than routine though lower prices did pick up demand some.
Not much else: open interest rose 9,000 amid strong volume indicates one of my ‘mini-battles’ at play considering the price action; Deutsche Bank says: good weather and a recovery in yields could make for a “hazardous price environment” for grains this summer (really weird seeing many big banks bearish grains); Bull spread worked well yesterday, demand pick up indication? My $4.68 pivot still working for the July.
SOYBEANS:
Exports: None Visible.
Comments: Old crop export sales 60,300t…Lucy, you got some ‘splaining to do: are not supposed to have NONE? But it did show some rationing week-to-week (new crop sales a decent 821,100t); Soymeal 83,700t and soyoil 15,500t; shipments fell 41% on the week.; open interest little changed in total amid light volume. I think the game is about over but….., should be an interesting day.
Wheat:
Exports: None Visible.
Comments: Weekly export sales old crop -52,400t into new crop at 531,500t (Brazil 160,100t of it) and an encouraging number. Some talk of Russia’s Volga region drying out. Open interest rose 2,100 amid moderate/light volume.

 

Kleist Comments

This is John Kleist, of Kleist Ag Consulting.
Questions? Email me: johnwkleist@sbcglobal.net

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